Copper Holds Steady Above $14,000 as Supply Concerns Boost Prices

Copper prices held steady above $14,000 per metric ton on Friday, despite edging down by 0.3% to $14,061 on the London Metal Exchange. This still puts copper on track for its strongest week in almost three months, with a gain of 2% and six consecutive weekly gains.

The metal's price was boosted by supply concerns and tight inventories, as well as news from the Democratic Republic of Congo that it had banned copper concentrate exports. Reuters reported this move, which reinforced an already bullish market backdrop characterized by low inventories and ongoing supply disruptions, according to ING in a note.

Copper stocks on the London Metal Exchange declined to 92,900 tons, the lowest since January, while Shanghai Futures Exchange copper stocks edged up 1.1% from a two-year low last week.